Owning gold as a hedge investment is fine within reason as long as you understand the risk of buying a commodity that's well into bubble market prices. If you're buying gold expecting a widespread collapse of the economy you're living a bad dream. If such a collapse occurred you would be far better off having invested in
25-year shelf-life food. You'll be able to trade such food for anything you need. People with gold will show up and you'll be able to trade with them and dictate the price because you really don't need their gold but they need your food.
You got to understand that with the collapse of our economy our complex agricultural, transportation and distribution system will cease to exist as we know it. There will only be enough food for maybe 25% of the population on a long term basis. If you really think the government is going to let that happen due to funny money problems, then the most valuable thing you can have is food.
Short of an economic collapse a far less risky hedge against inflation are TIPS (Treasury Inflation Protected Securities). The best way to do so is to invest in a fund that purchase TIPS such a Vanguard's VIPSX fund. With such a fund you'll get a small return in addition to the rate of inflation. You don't need a fancy trading account. Simply open or move your IRA to a full service bank like Wells Fargo and you can invest in a wide variety of funds and make lots of free trades.
At some point the U.S. may intentionally monetize its debt, yet allow citizens to retain their wealth though various means such as TIPS (the Brazilian plan). The world won't like it, but if it comes down to a choice between economic collapse, which amounts to mass suicide, or monetizing the debt, you shouldn't have to guess which choice the American public will overwhelmingly support. Buying gold at bubble prices is betting people will choose mass suicide.
